Top 10 High Growth Paints & Coatings Market to Observe Impressive Growth| MarketsandMarkets™

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Top 10 High Growth Paints & Coatings Market to Observe Impressive Growth| MarketsandMarkets™

March 14
12:05 2023
Top 10 High Growth Paints & Coatings Market to Observe Impressive Growth| MarketsandMarkets™
Browse 106 market data tables and 53 figures spread through 198 pages and in-depth TOC on “Top 10 High Growth Paints & Coatings Market”
Top 10 High Growth Paints & Coatings Market by Coating Type (Elastomeric, Polyurea, UV, Insulation, Ceramic, Automotive, Medical, Silicone, Fluoropolymer, and Epoxy Coatings)

The global top 10 high growth paints & coatings market considered are elastomeric, polyurea, UV, insulation, ceramic, automotive, medical, silicone, fluoropolymer, and epoxy coating market. The global paints & coatings market is growing owing to the increasing demand from the building & construction industry. High demand for waterborne coatings has also been driving the architectural coatings market for the past few years. Additionally, growing manufacturing activities in automotive, chemical, and other commercial industries in Asia-Pacific have been influencing the market for the past few years. However, the health and environmental concerns regarding the release of VOC content to the environment are hampering the growth of the solvent borne coatings technology. 

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The top three growing paints & coatings market are elastomeric, polyurea, and UV coatings. The global market size for elastomeric coating is estimated to be USD 6.79 billion in 2016 and is projected to witness a CAGR of 15.19% to reach USD 13.68 billion by 2021. Elastomeric coating is a premium quality exterior elastomeric waterproofing coating which is used in residential, architectural, commercial, and light industrial applications on a variety of vertical masonry surfaces. Increase in demand for elastomeric coatings across various applications of construction industries is driving the global elastomeric coatings market. The market will also be driven by a strong rebound in building construction across the world, particularly in North America, Europe, and Japan, which will fuel increased demand for architectural paints. Under elastomeric coatings, various resin types are considered such as acrylic, polyurethane, silicone, butyl, and others. The acrylic elastomeric coatings segment dominated the global elastomeric coating market with a market size of USD 3.36 billion in 2015, which is projected to reach USD 8.21 billion by 2021, at a CAGR of 16.32% during the forecast period. 

The global market size for polyurea coatings was estimated to be USD 5.34 billion in 2016 and is projected to witness a CAGR of 10.57% to reach USD 8.93 billion by 2021. The ongoing developments in coatings technology have enhanced the application performance of polyurea coatings with improved properties such as fast curing (even at low temperature), chemical resistance, insensitivity to moistness, and other improved physical & mechanical properties. Escalating requirement for improving performance, durability, and ease-of-use of products are the key factors contributing to the growth of polyurea coatings market. This is attributed to the increased consumption of consumer goods and technological & infrastructural developments.

Some of the top 10 leading paints & coatings manufacturers are AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), The Sherwin-Williams Company (U.S.), Axalta Coating Systems LLC (U.S.), BASF SE (Germany), Progressive Painting Inc. (U.S.), Jotun A/S (Norway), The Dow Chemical Company (U.S.), Nippon Paint (Japan), and Asian Paints Limited (India). These companies have adopted various organic and inorganic growth strategies to improve their businesses and maintain their global market shares.

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The global paints & coatings market is witnessing a moderate growth rate with demand arising from the Asia-Pacific region, especially from China, India, and South Korea. There is an increasing demand for paints & coatings from private housing and commercial offices along with rising infrastructure output from all its key subsectors such as roads, rail, energy, and water and sewerage. AkzoNobel N.V. (Netherlands), PPG Industries, Inc. (U.S.), and The Sherwin-Williams Company (U.S.) are the major players in the paints & coatings market. Various strategies are adopted by players to increase their global presence in the paints & coatings market. In 2015, AkzoNobel expanded its industrial coatings site in Songijang (China) as it is one of the topmost growing markets. This resulted in doubling the annual production capacities. The expansion agreement helps the company in serving the continuing demand from consumer and construction markets. In 2014, AkzoNobel inaugurated a regional office in Chengdu (China) to capitalize on the rapidly increasing waterborne coatings market of Western China. In 2014, Sherwin-Williams joint ventured with Red Sea Housing Services Company (Saudi Arabia) to launch a premier paints company in Saudi Arabia. This joint venture is expected to help serve customers in the architectural, energy, and construction sectors in the region.

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